16 | Barbados Public Workers’ Co-operative Credit Union Limited - ByLaws (i) by applying any monies standing to the credit of members towards the payment of that debt; or (ii) any other action which the Society deems necessary including recourse to the Law Courts 69. For the purpose of By-Laws 66 and 68, interest shall be deemed to be an installment of a loan and shall be deemed to be due as specified in the instrument provided for in By-Law 68 (f). RESERVE FUND 70 The Society shall create and maintain a Reserve Fund in accordance with the provisions of the Act 71 The Reserve Fund shall not be lent to members nor be used or applied except as provided in the Act and the Regulations DIVIDEND AND BONUS 72. (1) The Society in annual general meeting shall declare a dividend, out of the net profits after setting aside the prescribed statutory reserves, provided that no dividend shall be greater than 2% above the savings rate set by the Central Bank of Barbados (2) In order to qualify for a dividend or bonus, a member must retain his membership throughout any intervening period between the close of the financial year to which the dividend or bonus relates, and the date of record for that financial year. (3) For the purpose of determining members entitled to a dividend or bonus, the date of record shall be fifty (50) days following the end of the financial year in respect of which the dividend or bonus is to be paid, or such other date as the Board may prescribe, giving at least ten (10) days notice to the membership. 73. All dividends and bonus shall be credited to members’ deposit accounts, and shall be calculated on the minimum quarterly balance provided always that a member shall be deemed to have one fully paid share for each $5.00 paid in before the end of the preceding financial year. 74 The Society may make contributions to any charitable purpose or to a common good fund if a dividend of not less than four percent (4%) has been approved 75. The remaining net profits of the Society may be distributed as a bonus among the members who have borrowed from the Society during the accounting year in proportion to the interest paid by them during the year INVESTMENTS AND FUNDS 76 The Society may invest its funds as provided by the Act ANNUAL ACCOUNTS AND REPORTS AND AUDITS 77. The Directors of the Society, in keeping with the provisions of the Act, shall: (1) cause the Society’s books to be audited annually; (2) cause the annual financial statements and accounts of the Society to be prepared and presented to the annual general meeting of members SEAL AND EXECUTION OF DOCUMENTS 78. The Society shall have a seal which shall not be affixed to any instrument except by the authority of a resolution of the Board and in the presence of the President and the Secretary The President and Secretary or Treasurer shall sign every instrument to which the seal of the Society is so affixed in their presence. 79. Any other instrument required to be signed on behalf of the Society shall be sufficiently executed if signed by the Secretary or President or such person as the Board may appoint for that purpose
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